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I Smell Profit.

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October 07, 2008 – Comments (6) | RELATED TICKERS: XOM , BP , CVX

The price of gasoline in my area is "down" to $3.60/ gallon. The price of oil is "down" to $90/ barrel.

On the way "up" past $90.00/ barrel, with gasoline at $3.00/ gallon oil companys made profits. Lots of profit.

Seems to me there is more room for profit now, than there was then. Somebody is going to keep it.

6 Comments – Post Your Own

#1) On October 07, 2008 at 12:58 PM, TDRH (99.67) wrote:

You would think yet all the refiners are down considerably, and analysts are down on the segment in general.

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#2) On October 07, 2008 at 2:26 PM, Ph1sh55 (28.57) wrote:

WNR is a good price right now..and you can always hedge against the ultrashort oil and gas

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#3) On October 07, 2008 at 2:53 PM, jstegma (29.39) wrote:

Supposedly the crack spread is negative right now.  I don't know a whole lot about it, but that's what they were talking about today on CNBC.

Someone must be making money though because gas prices are still well above $3 which was unheard of just a few years ago.

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#4) On October 07, 2008 at 3:45 PM, darksabre (85.56) wrote:

I think refiners will benefit, but with all the gloom in the market, thinking people will stop driving... refiners are getting hit too.

 

Then again, everyone is comparing the market to the GD, but back the GD, people weren't driving cars as much.... 

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#5) On October 07, 2008 at 3:59 PM, darksabre (85.56) wrote:

I think refiners will benefit, but with all the gloom in the market, thinking people will stop driving... refiners are getting hit too.

 

Then again, everyone is comparing the market to the GD, but back the GD, people weren't driving cars as much.... 

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#6) On October 07, 2008 at 8:40 PM, Tastylunch (29.40) wrote:

Hmm I should check the crack spread. Gas prices are dropping rapidly here though (3.30 and falling...)

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